News Business Electrical Steel Market: Green Energy and Infrastructure Drive Growth
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Nippon Steel

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Electrical Steel Market: Green Energy and Infrastructure Drive Growth

The global electrical steel market is witnessing substantial growth, driven by factors such as the rising demand for electrical steel in the automotive industry and infrastructure development. Let's delve into the details:

Market Overview

The electrical steel market, estimated at USD 42,135.7 million in 2023, is projected to reach USD 44,326.7 million by 2033. This growth is attributed to the increasing adoption of electrical steel across various applications.

Key Market Insights

Electrical steel, also known as silicon steel or transformer steel, possesses unique magnetic properties. It offers high permeability and low core loss, making it ideal for applications such as transformers, motors, and inductors. Here are some key insights:

  • Market Size: The global electrical steel market was valued at USD 29.28 billion in 2022 and is expected to grow at a CAGR of 5.6% during the forecast period.
  • Applications: Electrical steel finds extensive use in solenoids, electric motors, generators, and small relays.
  • COVID-19 Impact: The pandemic disrupted supply chains and production plants, affecting market growth. However, governments' economic recovery efforts are driving increased consumption of electrical steel.

Trends and Outlook

As the demand for electricity generation and power distribution centers continues to rise, the adoption of electrical steel is expected to surge. Manufacturers are increasingly using electrical steel to produce efficient electric motors, contributing to market proliferation.

Conclusion

The electrical steel market is poised for growth, fueled by green energy initiatives and infrastructure projects. Industry players should keep a close eye on these trends to make informed decisions.

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